NSE fined by Indian competition watchdog

Dow Jones Newswire reported that India’s antitrust body, the Competition Commission of India (CCI), has directed the National Stock Exchange (NSE) to pay 555 million rupees ($12.3 million) within 30 days as penalty because of violation of competition rules in the currency derivatives segment.

The order came after MCX Stock Exchange asked the CCI to open an investigation into law violations at the NSE.

According to the order, NSE has used its position as the dominant exchange to limit other exchange’s exposure to the currency markets. NSE offers trading in a variety of products including equities, currencies and swaps. MCX offers trading only in currency derivatives.